From the early 2000s the Hungarian capital market has been characterised by a special situation: low volume of investments, low risk appetite and a few transactions of larger volume. The JEREMIE programmes, which commenced in the 2007-2013 EU programming period, appeared in this phase and became exemplary in several respects.

Since the Hungarian venture capital market and the SME sector – similarly to the other countries of the Central and Eastern European region – were not fully prepared for the efficient utilisation of the available funds, the system could not operate fully efficiently despite the good ideas. It became necessary to channel in real market needs and the economies of scale in the operation of capital funds, together with the more efficient education of entrepreneurs, the expansion of their knowledge and the state’s taking a more substantial role, gained increasing importance.

As a result of the new planning logic, the programmes of the 2014-2020 period may get rid of the former shortcomings, together with the teething troubles. The Hungarian Development Bank Plc., which plays an outstanding role in the development of the national economy also due to the intermediation of the EU funds, could satisfy the potential capital requirements appearing at the enterprises – which may be as high as HUF 800-1,100 billion in 2017 – through the new venture capital schemes. Transparency, innovation and economic growth – these are the buzzwords of the Hungarian Development Bank related to venture capital investments.